Community Development Bank to Join Waite Park – Based Deerwood Bank

WAITE PARK – Deerwood Bank, a leading community bank with a strong commitment to local development, is pleased to announce the execution of the Branch Purchase and Assumption Agreement for Community Development Bank’s Ogema and St. Michael branches.

This pending collaboration is a testament to shared values, emphasizing community development and support.

The combination, subject to regulatory approval, is estimated to be completed in the second or third quarter of 2024, and will seamlessly integrate the two branches into Deerwood Bank’s extensive network of Minnesota locations. Clients from Ogema and St. Michael will benefit from Deerwood Bank’s wide range of banking services, backed by a legacy of over a century of service excellence.

“Deerwood Bank’s commitment to community-driven banking aligns seamlessly with the values upheld by Community Development Bank. Our organizations’ principles are incredibly similar, and we believe the transition will be very smooth for clients, employees, and community members.” said John Ohlin, President & CEO of Deerwood Bank.

“The St. Michael and Ogema branches of Community Development Bank are excited to join Deerwood Bank. This transition will allow our staff to provide customers with enhanced offerings and a larger capacity to lend, while maintaining the personal touch and community commitment we are known for.” said Nick Shultz, President & CEO of Community Development Bank.

Deerwood Bank, established in 1910, has a rich history of community involvement and a track record of fostering strong relationships. The acquisition of Ogema and St. Michael branches will further expand Deerwood Bank’s reach, offering enhanced financial services and contributing to local initiatives.

“We are excited to welcome Community Development Bank’s employees and the communities of Ogema and St. Michael into the Deerwood Bank family. We look forward to working with them to build on the foundation that was laid by Community Development Bank and contribute to the growth of the community for years to come,” added Ohlin.

Deerwood Bank has 12 offices throughout central and northern Minnesota—including Waite Park, Sartell, Baxter, Grand Rapids – and the Twin Cities. They were recently named by the

Minneapolis – St. Paul Business Journal as an honoree for Best Places to Work in Minnesota. For more information about Deerwood Bank, please visit deerwoodbank.com.

Deerwood Bank is represented by Stinson LLP law firm. Community Development Bank is represented by legal counsel of Winthrop & Weinstine, P.A.

Deerwood Bank Media Contact

Jed Rusk

Director of Marketing & Communications

Office: 218.316.3539

Email: jed.rusk@deerwoodbank.com